IGM Financial profit rises, boost quarterly dividend

Thu Nov 6, 2014 5:24pm EST
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TORONTO (Reuters) - IGM Financial Inc, one of Canada's top mutual fund companies, reported higher third quarter earnings on Thursday that met expectations, and increased its quarterly dividend.

The Winnipeg, Manitoba, company said net earnings available to common shareholders during the quarter was C$219.7 million, or 87 Canadian cents per share. This was higher than a year ago, when it earned C$193.4 million, or 77 Canadian cents a share.

Revenue was C$750.2 million, up from C$667.5 million last year.

Analysts, on average, were expecting earnings of 87 Canadian cents a share and revenue of C$755.1 million.

The company, a division of the Montreal-based Desmarais family's Power Financial Corp, operates primarily under the Investors Group, Mackenzie Investments and Investment Planning Counsel brands.

Total assets under management as of Sept. 30 were $140.6 billion, up from C$126 billion a year ago. Mutual fund assets under management were $125.2 billion, compared with C$111.2 billion last year.

The board increased its quarterly dividend by 2.5 cents to 56.25 cents per share on IGM Financial's common shares, payable on Jan. 30, 2015, to shareholders of record on Dec 31, 2014.

(Reporting by Solarina Ho. Editing by Andre Grenon)